|  | | | |  |   Fri Nov 15, 2002
Emgold Mining Corporation Announces Brokered Private Placement Financing
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| | Emgold Mining Corporation (EMR-TSX Venture) is pleased to announce it has entered into an agreement with Canaccord Capital Corporation ("Canaccord") by which Canaccord has agreed to act as agent on a commercially reasonable efforts basis to carry out a private placement of up to 1,600,000 units at a price of $0.25 per unit, for gross proceeds of up to $400,000. Each Unit is comprised of one common share in the capital of Emgold and one non-transferable share purchase warrant. Each share purchase warrant will entitle the holder to purchase one additional common share of Emgold for a period of one year from closing, at an exercise price of $0.30. Upon closing Canaccord will receive a commission of 8% in cash, of which the agent may elect to be paid up to one half in Units, and will receive an administration fee. Canaccord will also receive 20% non-transferable Agent's Warrants exercisable for a period of one year from closing at an exercise price of $0.30.
All shares, warrants and any shares issued upon exercise of the warrants with respect to the private placement and the Agent's compensation are subject to a hold period and may not be traded for four months from closing, except as permitted by the British Columbia Securities Act and the Rules made thereunder and the TSX Venture Exchange.
Proceeds from the private placement will be used for the further development of the Idaho-Maryland Gold Property in Grass Valley, California including property payments, administrative, legal, accounting and audit costs as well as for general corporate purposes and working capital. Based on the recommendations from the recent Technical Report prepared by AMEC E&C Services Ltd. (AMEC), Emgold will continue to work on geological interpretations in areas where historic information is available that have yet to be reviewed by the project team. Emgold with AMEC are currently completing a scoping study to define a development plan including surface drilling and underground exploration and development programs for the Idaho-Maryland.
The completed Technical Report has been posted on http://www.sedar.com/ and on the Company's website http://www.emgold.com/.
William J. Witte, P. Eng
President and CEO
For further information please contact:
William J. Witte, President and CEO
Tel: (604) 687-4622 Fax: (604) 687-4212
Toll Free: 1-888-267-1400
No regulatory authority has approved or disapproved the information contained in this news release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com. |
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| You can view the Next News Releases - 2002 item: Fri Nov 29, 2002, Emgold Increases Financing
You can view the Previous News Releases - 2002 item: Thu Nov 7, 2002, Emgold Mining Corporation Receives Technical Report on Idaho-Maryland Property
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